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Research discovers its niche

THERE may be a niche in the market, but is there a market in the niche? Only good-quality research will reveal the truth, writes Olive Keogh.

A recent Irish study produced jointly by those who offer support to emerging companies in the food and drinks sectors found that 90% of new products launched here never make it to their second birthday. The reason, says Ed McDonald, the chief executive of the Marketing Institute, is that the idea was too product-led. “It may have been a great product but that’s not enough to ensure its survival,” he says. “It has to be supported by thorough market research.”

McDonald’s views are echoed by Larry Ryan, a director of market research company, Behaviour and Attitudes. “A lot of small companies are started on the gut instinct of their founders,” he says. “The founder typically knows a sector already and has a viable product